Recent Updates
- US: Import & Export Prices, IP & Capacity Utilization (Jan), Monthly GDP (Nov)
- US: Monthly GDP (Nov)
- Housing Market Statistics (Jan)
- *Israel CPI rebased to 2018=100*
- US: Industrial Production Detail (Jan)
- Canada: International Transactions in Securities (Dec)
- US: Empire State Mfg Survey (Feb)
- Kosovo: CPI (Jan)
- more updates...
Economy in Brief
Import Prices Continue Their Decline; Both Oil and Nonoil Prices Move Lower
Import prices fell a greater-than-expected 0.5% during January (-1.7% year-on-year)...
Empire State Manufacturing Activity Improves Modestly
The Empire State Manufacturing Index of General Business Conditions rose to 8.8 during February...
U.S. Retail Sales Exhibit Extensive Weakness
Total retail sales declined 1.2% (+2.3% y/y) during December...
U.S. Producer Prices Decline; Core PPI Rises
The headline Final Demand Producer Price Index edged down 0.1% for the second consecutive month in January (+2.0% y/y)...
U.S. Initial Claims for Unemployment Insurance Edge Back Higher
Initial claims for unemployment insurance were 239,000 in the week ended February 9...
by Tom Moeller May 23, 2018
Sales of new single-family homes during April slipped 1.5% (+11.6% y/y) to 662,000 (SAAR) from 672,000 during March, revised from 694,000. Expectations had been for 680,000 sales in the Action Economics Forecast Survey.
The median price of a new home fell 6.9% (+0.4% y/y) to $312,400 from $335,400, revised from $337,200. It was the lowest price in twelve months. The average price of a new home increased 11.3% both m/m and y/y to a record $407,300.
Changes in new home sales were mixed last month across the country. In the Northeast, sales increased 11.1% m/m (5.3% y/y) to 40,000. That followed a 16.3% March decline due to bad weather. Sales in the South inched slightly higher to 355,000 (6.0% y/y) following a 2.7% fall. Sales in the Midwest held steady m/m (26.4% y/y) at 91,000 after a 7.1% rise. The level was the highest since 2007. New home sales in the West slumped 7.9% (+18.9% y/y) to 176,000, down 18.5% from the November peak of 216,000.
The months' supply of homes on the market improved m/m to 5.4 but has been moving irregularly sideways since 2012. The median number of months a new home was on the market remained low at 3.8, up slightly during the last nine months.
The data in this report are available in Haver's USECON database. The consensus expectation figure from Action Economics is available in the AS1REPNA database.
U.S. New Single-Family Home Sales (SAAR, 000s) | Apr | Mar | Feb | Apr Y/Y % | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|---|
Total | 662 | 672 | 659 | 11.6 | 617 | 561 | 503 |
Northeast | 40 | 36 | 43 | 5.3 | 39 | 32 | 25 |
Midwest | 91 | 91 | 85 | 26.4 | 72 | 69 | 61 |
South | 355 | 354 | 364 | 6.0 | 341 | 317 | 286 |
West | 176 | 191 | 167 | 18.9 | 165 | 142 | 130 |
Median Price (NSA, $) | 312,400 | 335,400 | 329,400 | 0.4 | 321,633 | 306,500 | 293,733 |